Tax News

CCH (cch.taxgroup.com) reports:

A qualified business may claim a credit against Texas franchise tax for a capital investment in an enterprise project designated as such by the Texas Department of Economic Development on or after September 1, 2001, and before September 1, 2003, or designated as an enterprise project by the Texas Development Bank on or after September 1, 2003, and before January 1, 2005. An enterprise project is not eligible for this credit if a credit was claimed for the project under the enterprise zone capital investment credit provision that is in effect until January 1, 2008. In addition, a taxable entity, other than a combined group, may not claim this credit unless the entity was subject to the franchise tax as it existed on May 1, 2006. A combined group may claim this credit for each member entity that was subject to the franchise tax as it existed on May 1, 2006.